Sunday 17 December 2017

Worldview to take control of Petroceltic after examiner decision

Brian O'Cathain, CEO Petroceltic
Brian O'Cathain, CEO Petroceltic
Michael Cogley

Michael Cogley

Activist investor Worldview is to take full control of troubled oil and gas explorer Petroceltic following a decision from the examiner appointed to the company.

Michael McAteer of Grant Thornton was appointed as an examiner to the company back in April after a request by minority shareholder Worldview.

In a statement released to shareholders this morning Petroceltic said the examiner has conducted a sales and investment process, which required best and final offers.

"Following this process, the examiner has selected Worldview International Management as the successful investor and expects to proceed to sign an Investment Agreement over the coming days which will result in Worldview taking control of the entire group including those companies outside of the examinership process.

"Upon signature of this agreement, the examiner will convene the various meetings of shareholder and creditor classes to vote on the proposed Scheme of Arrangement towards the end of May. Subject to Court approval, the examinership process is expected to conclude in early June."

Worldview had already secured effective control of Petroceltic, through its subsidiary Sunny Hill, after acquiring the majority of its debt.

Sunny Hill first indicated in February that it intended to make a formal offer to buy Petroceltic for 3p a share, valuing the Irish company at £6.4m (€8m).

The news points to an end in what has been a protracted battle between the board and Worldview.

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